SEC. 17A. NATIONAL SYSTEM FOR CLEARANCE AND SETTLEMENT OF SECURITIES TRANSACTIONS

(a)(1) The Congress finds that—
(A) The **prompt and accurate clearance and settlement of securities transactions**, including the transfer of record ownership and the safeguarding of securities and funds related thereto, are necessary for the protection of investors and persons facilitating transactions by and acting on behalf of investors.

(a)(2)(A) The Commission is directed, therefore, having due *regard* for the public interest, the protection of investors, the safeguarding of securities and funds, and maintenance of fair competition among brokers and dealers, clearing agencies, and transfer agents, to use its authority under this title—
(i) to facilitate the establishment of a national system for the **prompt and accurate clearance and settlement of transactions in securities**

(b)(3) A clearing agency shall not be registered unless the Commission determines that—

(A) Such clearing agency is so organized and has the capacity to be able to **facilitate the prompt and accurate clearance and settlement of securities transactions and derivative agreements, contracts, and transactions for which it is responsible**, to safeguard securities and funds in its custody or control or for which it is responsible, to comply with the provisions of this title and the rules and regulations thereunder

(F) The **rules of the clearing agency are designed to promote the prompt and accurate clearance and settlement of securities transactions** and, to the extent applicable, derivative agreements, contracts, and transactions, to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible, to foster cooperation and coordination with persons engaged in the clearance and settlement of securities transactions, to **remove impediments to and perfect the mechanism of a national system for the prompt and accurate clearance and settlement of securities transactions**, and, in general, to protect investors and the public interest

(G) The rules of the clearing agency provide that its participants shall be appropriately disciplined for violation of any provision of the rules of the clearing agency by expulsion, suspension, limitation of activities, functions, and operations, fine, censure, or any other fitting sanction.

(b)(5)(C) A registered clearing agency may summarily **suspend and close the accounts of a participant who** (i) has been and is expelled or suspended from any self-regulatory organization, (ii) **is in default of any delivery of** funds or **securities to the clearing agency**, or (iii) is in such financial or operating difficulty that the clearing agency determines and so **notifies the appropriate regulatory agency** for such participant that such suspension and closing of accounts are necessary for the protection of the clearing agency, its participants, creditors, or investors.

TLDR: SEC is responsible for ensuring clearing agencies, and therefore parties participating in said clearing agencies, never Fail To Deliver (FTD) securities. SEC data from second-half of September 2022 shows 2,687,705,568 FTDs of 68,260 tickers. Yes that’s 2.6 BILLION shares that where **NOT prompt and accurate clearance and settlement of securities transactions** and the SEC not only has the data but manages the publishing of it.

SECURITIES EXCHANGE ACT OF 1934:
https://www.govinfo.gov/content/pkg/COMPS-1885/pdf/COMPS-1885.pdf

SEC bi-monthly FTD reporting:
https://www.sec.gov/data/foiadocsfailsdatahtm

Edit: TRILLION TO BILLION; 2,687,705,568 is billions.

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